Association of Chartered Certified Accountants (ACCA) Certification Practice Test

Disable ads (and more) with a membership for a one time $2.99 payment

Prepare for the ACCA Certification Exam with interactive quizzes and detailed explanations. Get a head start on your success with our comprehensive study tools.

Each practice test/flash card set has 50 randomly selected questions from a bank of over 500. You'll get a new set of questions each time!

Practice this question and more.

What are the three classes of termination of employment?

Retirement, resignation and promotion
Retirement, resignation and dismissal
Retirement, discharge and termination
Retirement, separation and resignation

The correct answer is: Retirement, resignation and dismissal

The three classes of termination of employment include retirement, resignation, and dismissal, which reflect the primary reasons an employee may leave a job. Retirement refers to an employee formally ending their career when reaching a certain age or after fulfilling specific service requirements, therefore ceasing to work for the organization. Resignation occurs when an employee voluntarily decides to leave their position, typically to pursue other opportunities, personal reasons, or changes in life circumstances. Dismissal involves the termination of employment at the employer's discretion, often due to performance issues, misconduct, or organizational restructuring. This class encompasses scenarios where the employer must take action to terminate the employment relationship. Other options present terms that do not accurately represent the primary avenues through which employment can come to an end, ultimately reinforcing the validity of the chosen answer.